In a significant move, President Bola Ahmed Tinubu has ordered the Central Bank of Nigeria (CBN) to intervene in the parallel market in an effort to stabilize the naira and prevent further economic hardship for Nigerian citizens.
The Acting Governor of the CBN, Folashodun Shonubi has warned speculators that their investments may be at risk as the CBN plans to take urgent measures to stabilize the market. This announcement follows a meeting with the President at the presidential villa yesterday.
According to Shonubi, the parallel market is at the moment not driven by the forces of demand and supply. He said: “Mr President is very concerned about some of the goings in the foreign exchange market, one of the things we discussed was what could be done to stabilize and improve the liquidity in the market and also various other markets including the parallel market”.
He concluded by saying that the overall intention of the plans and strategies which has been mapped out is to ensure that the environment operates at a more efficient and reasonable level without a negative impact to the lives of an average Nigerian.